Ares Capital (ARCC)

	SUMMARY

	BULLS

	BEARS

	TOPICS

	DATA CENTRAL

	STOCK CHART

	SEC FILINGS

	BALANCE

	INCOME

	CASH FLOW

Ares Capital 10-Q 2011

Documents found in this filing:

Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period to

Commission File No. 000-50697

ARES CAPITAL CORPORATION

(Exact name of Registrant as specified in its charter)

Maryland		33-1089684
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification Number)

245 Park Avenue, 44th Floor, New York, NY 10167

(Address of principal executive office) (Zip Code)

(212) 750-7300

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x		Accelerated filer o

Non-accelerated filer o		Smaller reporting company o
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class		Outstanding at November 8, 2011
Common stock, $0.001 par value		205,129,966

Table of Contents

ARES CAPITAL CORPORATION

INDEX

Part I.	Financial Information

Item 1.	Financial Statements

	Consolidated Balance Sheet as of September 30, 2011 (unaudited) and December 31, 2010	2

	Consolidated Statement of Operations for the three and nine months ended September 30, 2011 (unaudited) and September 30, 2010 (unaudited)	3

	Consolidated Schedule of Investments as of September 30, 2011 (unaudited) and December 31, 2010	4

	Consolidated Statement of Stockholders’ Equity for the nine months ended September 30, 2011 (unaudited)	40

	Consolidated Statement of Cash Flows for the nine months ended September 30, 2011 (unaudited) and September 30, 2010 (unaudited)	41

	Notes to Consolidated Financial Statements (unaudited)	42

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	67

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	91

Item 4.	Controls and Procedures	91

Part II.	Other Information

Item 1.	Legal Proceedings	92

Item 1A.	Risk Factors	92

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	92

Item 3.	Defaults Upon Senior Securities	92

Item 4.	(Removed and Reserved)	92

Item 5.	Other Information	93

Item 6.	Exhibits	93

Table of Contents

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(in thousands, except per share data)

	As of
	September 30, 2011			December 31, 2010
	(unaudited)
ASSETS
Investments at fair value
Non-controlled/non-affiliate investments	$	2,876,091		$	2,482,642
Non-controlled affiliate company investments	316,751			380,396
Controlled affiliate company investments	1,562,311			1,454,952
Total investments at fair value (amortized cost of $4,803,420 and $4,291,955, respectively)	4,755,153			4,317,990
Cash and cash equivalents	103,146			100,752
Receivable for open trades	22,560			8,876
Interest receivable	82,663			72,548
Other assets	81,984			62,380
Total assets	$	5,045,506		$	4,562,546
LIABILITIES
Debt	$	1,800,212		$	1,378,509
Management and incentive fees payable	83,843			52,397
Accounts payable and other liabilities	37,201			34,742
Interest and facility fees payable	20,972			21,763
Payable for open trades	—			24,602
Total liabilities	1,942,228			1,512,013
Commitments and contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Common stock, par value $.001 per share, 400,000 and 300,000 common shares authorized, respectively, 205,130 and 204,419 common shares issued and outstanding, respectively	205			204
Capital in excess of par value	3,271,595			3,205,326
Accumulated overdistributed net investment income	(36,245		)	(11,336		)
Accumulated net realized loss on investments, foreign currency transactions, extinguishment of debt and other assets	(84,010		)	(169,696		)
Net unrealized gain (loss) on investments and foreign currency transactions	(48,267		)	26,035
Total stockholders’ equity	3,103,278			3,050,533
Total liabilities and stockholders’ equity	$	5,045,506		$	4,562,546
NET ASSETS PER SHARE	$	15.13		$	14.92

See accompanying notes to consolidated financial statements.

Table of Contents

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share data)

	For the three months ended						For the nine months ended
	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
	(unaudited)			(unaudited)			(unaudited)			(unaudited)
INVESTMENT INCOME:
From non-controlled/non-affiliate company investments:
Interest from investments	$	69,588		$	66,319		$	191,830		$	177,285
Capital structuring service fees	20,006			8,122			38,412			15,258
Dividend income	4,886			1,381			7,094			3,299
Management fees	427			1,711			1,055			4,261
Interest from cash & cash equivalents	16			47			110			75
Other income	1,611			1,094			3,727			3,648
Total investment income from non-controlled/non-affiliate company investments	96,534			78,674			242,228			203,826

From non-controlled affiliate company investments:
Interest from investments	7,909			13,607			26,800			33,602
Capital structuring service fees	730			—			730			—
Dividend income	549			127			4,008			318
Management fees	63			75			439			363
Other income	233			63			871			485
Total investment income from non-controlled affiliate company investments	9,484			13,872			32,848			34,768

From controlled affiliate company investments:
Interest from investments	44,032			27,908			124,732			62,545
Capital structuring service fees	7,314			12,489			20,020			15,146
Dividend income	5,907			2,415			15,708			4,211
Management fees	3,677			2,652			10,723			5,430
Other income	417			116			1,104			300
Total investment income from controlled affiliate company investments	61,347			45,580			172,287			87,632

Total investment income	167,365			138,126			447,363			326,226

EXPENSES:
Interest and credit facility fees	30,971			22,755			89,739			54,453
Incentive management fees	10,159			17,805			82,846			40,922
Base management fees	18,317			15,436			52,461			35,574
Professional fees	3,683			3,233			10,929			9,191
Administrative fees	2,017			2,642			6,901			6,251
Professional fees and other costs related to the acquisition of Allied Capital Corporation	1,116			1,450			2,016			17,773
Other general and administrative	2,061			3,749			7,890			9,236
Total expenses	68,324			67,070			252,782			173,400

NET INVESTMENT INCOME BEFORE INCOME TAXES	99,041			71,056			194,581			152,826

Income tax expense (benefit), including excise tax	683			(164		)	4,637			360

NET INVESTMENT INCOME	98,358			71,220			189,944			152,466

REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gains (losses):
Non-controlled/non-affiliate company investments	(28,731		)	1,225			29,458			10,998
Non-controlled affiliate company investments	33,120			9			31,104			(3,725		)
Controlled affiliate company investments	44,420			(6		)	44,442			1,296
Foreign currency transactions	—			—			—			85
Net realized gains	48,809			1,228			105,004			8,654

Net unrealized gains (losses):
Non-controlled/non-affiliate company investments	(22,672		)	17,509			(43,244		)	113,590
Non-controlled affiliate company investments	(34,454		)	16,064			(37,214		)	35,152
Controlled affiliate company investments	(49,402		)	23,934			6,156			31,321
Foreign currency transactions	—			—			—			(152		)
Net unrealized gains (losses)	(106,528		)	57,507			(74,302		)	179,911

Net realized and unrealized gains (losses) from investments and foreign currencies	(57,719		)	58,735			30,702			188,565

GAIN ON THE ACQUISITION OF ALLIED CAPITAL CORPORATION	—			—			—			195,876
REALIZED LOSS ON EXTINGUISHMENT OF DEBT	—			(1,578		)	(19,318		)	(1,961		)

NET INCREASE IN STOCKHOLDERS’ EQUITY RESULTING FROM OPERATIONS	$	40,639		$	128,377		$	201,328		$	534,946

BASIC AND DILUTED EARNINGS PER COMMON SHARE (Note 10)	$	0.20		$	0.67		$	0.98		$	3.16

WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING — BASIC AND DILUTED (Note 10)	205,130			192,167			204,770			169,500

See accompanying notes to consolidated financial statements.

Table of Contents

ARES CAPITAL CORPORATION AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

As of September 30, 2011

(dollar amounts in thousands)

(unaudited)

Company(1)

Business Description

Investment

Interest(5)(12)

Acquisition
Date

Amortized
Cost

Fair Value

Percentage
of Net
Assets

Investment Funds and Vehicles

AGILE Fund I, LLC (7)(9)

Investment partnership

Member interest (0.50% interest)

4/1/2010

245

130

CIC Flex, LP (9)

Investment partnership

Limited partnership units (0.94 unit)

9/7/2007

2,533

3,137

Covestia Capital Partners, LP (9)

Investment partnership

Limited partnership interest (47.00% interest)

6/17/2008

1,059

1,088

Dynamic India Fund IV, LLC (9)

Investment company

Member interest (5.44% interest)

4/1/2010

4,822

4,728

Firstlight Financial Corporation (6)(9)

Investment company

Senior subordinated loan ($71,363 par due 12/2016)

1.00% PIK

12/31/2006

71,089

55,918

(4)

Class A common stock (10,000 shares)

12/31/2006

10,000

—

Class B common stock (30,000 shares)

12/31/2006

30,000

—

111,089

55,918

HCI Equity, LLC (7)(8)(9)

Investment company

Member interest (100.00% interest)

4/1/2010

808

715

Imperial Capital Private Opportunities, LP (9)

Investment partnership

Limited partnership interest (80.00% interest)

5/10/2007

6,643

5,120

Ivy Hill Middle Market Credit Fund, Ltd. (7)(8)(9)

Investment company

Class B deferrable interest notes ($40,000 par due 11/2018)

6.25% (Libor + 6.00%/Q)

11/20/2007

40,000

37,600

Subordinated notes ($16 par due 11/2018)

15.00%

11/20/2007

15,515

16,000

55,515

53,600

Knightsbridge CLO 2008-1 Ltd. (7)(8)(9)

Investment company

Class C notes ($14,400 par due 6/2018)

7.75% (Libor + 7.50%/Q)

3/24/2010

14,400

Class D notes ($9,000 par due 6/2018)

8.75% (Libor + 8.50%/Q)

3/24/2010

9,000

Class E notes ($14,850 par due 6/2018)

5.25% (Libor + 5.00%/Q)

3/24/2010

13,596

13,749

36,996

37,149

Kodiak Funding, LP (9)

Investment partnership

Limited partnership interest (1.52% interest)

4/1/2010

877

823

Novak Biddle Venture Partners III, L.P. (9)

Investment partnership

Limited partnership interest (2.47% interest)

4/1/2010

221

196

Partnership Capital Growth Fund I, L.P. (9)

Investment partnership

Limited partnership interest (25.00% interest)

6/16/2006

2,126

4,006

Senior Secured Loan Fund LLC (7)(11)(17)

Co-investment vehicle

Subordinated certificates ($788,128 par due 12/2020)

8.29% (Libor + 8.00%/Q)

10/30/2009

777,406

796,513

VSC Investors LLC (9)

Investment company

Membership interest (1.95% interest)

1/24/2008

1,139

1,001,479

964,262

31.07

Healthcare-Services

CCS Group Holdings, LLC

Correctional facility healthcare operator

Class A units (601,937 units)

8/19/2010

602

936

CT Technologies Intermediate Holdings, Inc. and CT Technologies Holdings LLC (6)

Healthcare analysis services

Senior secured loan ($7,263 par due 3/2017)

7.75% (Libor + 6.50%/Q)

3/15/2011

7,263

6,900

(2)(16)

Senior secured loan ($7,661 par due 3/2017)

7.75% (Libor + 6.50%/Q)

3/15/2011

7,661

7,278

(3)(16)

Class A common stock (9,679 shares)

6/15/2007

4,000

9,337

Class C common stock (1,546 shares)

6/15/2007

—

1,491

18,924

25,006

HCP Acquisition Holdings, LLC (7)

Healthcare compliance advisory services

Class A units (10,720,874 units)

6/26/2008

10,721

4,437

INC Research, Inc.

Pharmaceutical and biotechnology consulting services

Common stock (1,410,000 shares)

9/27/2010

1,512

1,101

Table of Contents

As of September 30, 2011

(dollar amounts in thousands)

(unaudited)

Company(1)	Business Description	Investment	Interest(5)(12)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Magnacare Holdings, Inc., Magnacare Administrative Services, LLC, and Magnacare, LLC	Healthcare professional provider	Senior secured loan ($12,973 par due 9/2016)	9.75% (Libor + 8.75%/Q)	9/15/2010	12,973	12,973	(16)
		Senior secured loan ($45,570 par due 9/2016)	9.75% (Libor + 8.75%/Q)	9/15/2010	45,570	45,570	(2)(16)
		Senior secured loan ($8,476 par due 9/2016)	9.75% (Libor + 8.75%/Q)	9/15/2010	8,476	8,476	(3)(16)
					67,019	67,019

MW Dental Holding Corp.	Dental services	Senior secured revolving loan ($1,700 par due 4/2017)	8.50% (Libor + 7.00%/M)	4/12/2011	1,700	1,649	(16)
		Senior secured loan ($30,723 par due 4/2017)	8.50% (Libor + 7.00%/M)	4/12/2011	30,723	29,801	(16)
		Senior secured loan ($49,875 par due 4/2017)	8.50% (Libor + 7.00%/M)	4/12/2011	49,875	48,379	(2)(16)
		Senior secured loan ($2,693 par due 4/2017)	8.50% (Libor + 7.00%/M)	4/12/2011	2,693	2,612	(3)(16)
					84,991	82,441

Napa Management Services Corporation	Anesthesia management services provider	Senior secured loan ($10,961 par due 4/2016)	8.50% (Libor + 7.00%/Q)	4/15/2011	10,605	10,961	(16)
		Senior secured loan ($29,625 par due 4/2016)	8.50% (Libor + 7.00%/Q)	4/15/2011	29,625	29,625	(2)(16)
		Senior secured loan ($7,801 par due 4/2016)	8.50% (Libor + 7.00%/Q)	4/15/2011	7,801	7,801	(3)(16)
		Common units (5,000 units)			5,000	5,000
					53,031	53,387

NS Merger Sub. Inc. and NS Holdings, Inc.	Healthcare technology provider	Senior subordinated loan ($579 par due 6/2017)	13.50%	6/21/2010	579	579
		Senior subordinated loan ($50,000 par due 6/2017)	13.50%	6/21/2010	50,000	50,000	(2)
		Common stock (2,500,000 shares)		6/21/2010	2,500	2,388
					53,079	52,967

OnCURE Medical Corp.	Radiation oncology care provider	Common stock (857,143 shares)		8/18/2006	3,000	3,038
Passport Health Communications, Inc., Passport Holding Corp. and Prism Holding Corp.	Healthcare technology provider	Senior secured loan ($10,202 par due 5/2014)	8.25% (Libor + 7.00%/M)	5/9/2008	10,202	10,202	(2)(16)
		Senior secured loan ($9,417 par due 5/2014)	8.25% (Libor + 7.00%/M)	5/9/2008	9,417	9,417	(3)(16)
		Series A preferred stock (1,594,457 shares)		7/30/2008	11,156	8,550
		Common stock (16,106 shares)		7/30/2008	100	—
					30,875	28,169

PG Mergersub, Inc. and PGA Holdings, Inc.	Provider of patient surveys, management reports and national databases for the integrated healthcare delivery system	Senior secured loan ($9,131 par due 11/2015)	6.75% (Libor + 5.00%/Q)	11/3/2010	9,106	9,131	(3)(16)
		Senior subordinated loan ($4,000 par due 3/2016)	12.50%	3/12/2008	3,954	4,000
		Preferred stock (333 shares)		3/12/2008	125	14
		Common stock (16,667 shares)		3/12/2008	167	705
					13,352	13,850

PRA Holdings, Inc.	Drug testing services	Senior secured loan ($11,330 par due 12/2014)	4.35% (Libor + 4.00%/Q)	12/14/2007	11,011	11,103	(2)
		Senior secured loan ($12,000 par due 12/2014)	4.35% (Libor + 4.00%/Q)	12/14/2007	11,657	11,760	(3)
					22,668	22,863

Table of Contents

As of September 30, 2011

(dollar amounts in thousands)

(unaudited)

Company(1)	Business Description	Investment	Interest(5)(12)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Reed Group, Ltd.	Medical disability management services provider	Senior secured revolving loan ($1,250 par due 12/2013)		4/1/2010	1,097	1,062	(15)
		Senior secured loan ($10,755 par due 12/2013)		4/1/2010	9,129	9,142	(15)
		Senior secured loan ($20,576 par due 12/2013)		4/1/2010	15,918	4,242	(15)
		Equity interests		4/1/2010	203	—
					26,347	14,446

Soteria Imaging Services, LLC (6)	Outpatient medical imaging provider	Junior secured loan ($1,275 par due 11/2010)	14.50%	4/1/2010	1,134	914
		Junior secured loan ($1,822 par due 11/2010)	12.50%	4/1/2010	1,640	1,305
		Preferred member units (1,823,179 units)		4/1/2010	—	—
					2,774	2,219

Sunquest Information Systems, Inc.	Laboratory software solutions provider	Junior secured loan ($75,000 par due 6/2017)	9.75% (Libor + 8.50%/Q)	12/16/2010	75,000	74,250	(16)
		Junior secured loan ($50,000 par due 6/2017)	9.75% (Libor + 8.50%/Q)	12/16/2010	50,000	49,500	(2)(16)
					125,000	123,750

U.S. Renal Care, Inc.	Dialysis provider	Senior secured loan ($7,462 par due 12/2016)	5.50% (Libor + 4.00%/Q)	6/9/2011	7,425	7,164	(16)
		Senior subordinated loan ($50,314 par due 6/2017)	11.25% Cash, 2.00% PIK	5/24/2010	50,314	50,314	(2)(4)
					57,739	57,478

Vantage Oncology, Inc.	Radiation oncology care provider	Common stock (62,157 shares)		2/3/2011	4,670	6,005
					576,304	559,112		18.02	%
Business Services
Aviation Properties Corporation (7)	Aviation services	Common stock (100 shares)		4/1/2010	—	—
BenefitMall Holdings Inc. (7)	Employee benefits broker services company	Senior subordinated loan ($40,326 par due 6/2014)	18.00%	4/1/2010	40,326	40,326
		Common stock (39,274,290 shares)		4/1/2010	53,510	53,871
		Warrants		4/1/2010	—	—
					93,836	94,197

CitiPostal Inc. (7)	Document storage and management services	Senior secured revolving loan ($1,950 par due 12/2013)	6.50% (Libor + 4.50%/Q)	4/1/2010	1,950	1,950	(16)
		Senior secured revolving loan ($1,250 par due 12/2013)	6.75% (Base Rate + 3.25%/Q)	4/1/2010	1,250	1,250	(16)
		Senior secured loan ($492 par due 12/2013)	8.50% Cash, 5.50% PIK	4/1/2010	492	492	(4)
		Senior secured loan ($50,437 par due 12/2013)	8.50% Cash, 5.50% PIK	4/1/2010	50,437	50,437	(2)(4)
		Senior subordinated loan ($14,108 par due 12/2015)		4/1/2010	13,038	2,880	(15)
		Common stock (37,024 shares)		4/1/2010	—	—
					67,167	57,009

Cook Inlet Alternative Risk, LLC	Risk management services	Senior subordinated note ($4,000 par due 9/2015)	9.00%	9/30/2011	4,000	4,000
		Member interest (3.17%)		4/1/2010	—	—
					4,000	4,000

Cornerstone Records Management, LLC	Physical records storage and management service provider	Senior secured loan ($16,277 par due 8/2016)	8.50% (Libor + 7.00%/M)	8/12/2011	16,277	15,951	(16)
Coverall North America, Inc. (7)	Commercial janitorial service provider	Subordinated notes ($9,386 par due 2/2016)	10.00% Cash, 2.00% PIK	2/22/2011	9,386	9,386	(4)

Table of Contents

As of September 30, 2011

(dollar amounts in thousands)

(unaudited)

Company(1)	Business Description	Investment	Interest(5)(12)	Acquisition Date	Amortized Cost	Fair Value		Percentage of Net Assets
Diversified Collections Services, Inc.	Collections services	Senior secured loan ($34,000 par due 9/2012)	13.75% (Libor + 11.75%/M)	6/25/2010	34,000	34,000	(2)(16)
		Senior secured loan ($5,719 par due 3/2012)	7.50% (Libor + 5.50%/M)	6/25/2010	5,719	5,719	(3)(16)
		Senior secured loan ($2,000 par due 9/2012)	13.75% (Libor + 11.75%/M)	6/25/2010	2,000	2,000	(3)(16)
		Preferred stock (14,927 shares)		5/18/2006	169	304
		Common stock (478,816 shares)		4/1/2010	1,478	3,091
		Common stock (114,004 shares)		2/5/2005	295	1,171
					43,661	46,285

Impact Innovations Group, LLC	IT consulting and outsourcing services	Member interest (50.00% interest)		4/1/2010	—	200
Interactive Technology Solutions, LLC	IT services provider	Senior secured loan ($7,391 par due 6/2015)	8.75% (Base Rate + 5.50%/Q)	10/21/2010	7,391	7,391	(16)
		Senior secured loan ($8,281 par due 6/2015)	8.75% (Base Rate + 5.50%/Q)	10/21/2010	8,281	8,281	(3)(16)
					15,672	15,672

Investor Group Services, LLC (6)	Business consulting for private equity and corporate clients	Senior secured revolving loan ($500 par due 6/2013)	5.75% (Libor + 5.50%/M)	6/22/2006	500	500
		Limited liability company membership interest (10.00% interest)		6/22/2006	—	649
					500	1,149

Microstar Logistics LLC	Keg management solutions provider	Junior secured loan ($85,000 par due 8/2016)	10.00% (Libor + 9.00%/Q)	8/5/2011	85,000	85,000	(16)
Multi-Ad Services, Inc. (6)	Marketing services and software provider	Preferred units (1,725,280 units)		4/1/2010	788	1,379
		Common units (1,725,280 units)		4/1/2010	—	—
					788	1,379

MVL Group, Inc. (7)	Marketing research provider	Senior secured loan ($22,772 par due 7/2012)	12.00%	4/1/2010	22,772	22,772
		Senior subordinated loan ($35,619 par due 7/2012)	12.00% Cash, 2.50% PIK	4/1/2010	35,050	35,619	(4)
		Junior subordinated loan ($144 par due 7/2012)	10.00%	4/1/2010	—	12
		Common stock (560,716 shares)		4/1/2010	—	—
					57,822	58,403

Pillar Processing LLC and PHL Holding Co. (6)	Mortgage services	Senior secured loan ($1,875 par due 5/2014)	14.50%	7/31/2008	1,875	1,875
		Senior secured loan ($5,500 par due 5/2014)	14.50%	7/31/2008	5,500	5,500	(2)
		Senior secured loan ($7,253 par due 11/2013)	5.73% (Libor + 5.50%/M)	11/20/2007	7,253	7,253	(2)
		Senior secured loan ($4,527 par due 11/2013)	5.73% (Libor + 5.50%/M)	11/20/2007	4,527	4,527	(3)
		Common stock (85 shares)			3,768	2,729
					22,923	21,884

Prommis Solutions, LLC, E-Default Services, LLC, Statewide Tax and Title Services, LLC & Statewide Publishing Services, LLC	Bankruptcy and foreclosure processing services	Senior subordinated loan ($17,126 par due 2/2014)		2/9/2007	16,788	5,819	(15)

Ares Capital (ARCC)

Annual Reports

Quarterly Reports

8-K

Other

Documents found in this filing: